Trustee Companies (Amendment) Act 1982 (NSW)

TRUSTEE COMPANIES (AMENDMENT) ACT, 1982, No. 61

ANNO TRICESIMO PRIMO

ELlZABETHvE U REGINA

Act No. 61, 1982.

An Act to amend the Trustee Companies Act, 1964, to vary the provisions relating to the Permanent Trustee Company Limited and The Union- Fidelity Trustee Company of Australia Limited, to apply the provisions of the Act to the Sandhurst and Northern District Trustees Executors and Agency Company Limited, and for other purposes, [Assented to, 12th May. 1982.J

2  Act No. 61, 1982.

Trustee Companies {Amendment).

BE it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows;—

Short title.

1.          This Act may be cited as the “Trustee Companies (Amendment) Act,

1982”.

Principal Act.

2.          The Trustee Companies Act, 1964, is referred to in this Act as the

Principal Act.

Schedules.

3. This Act contains the following Schedules:—

SCHEDULE 1.— A m i;ndm [;nts to the P rincipal A c t .

SCHEDULE 2.— A mendments to the P rincipal A ct by way of

Statute Law R evision.

Amendment of Act No. 6, 1964.

4.          The Principal Act is amended in the manner set forth in Schedules

1 and 2.

A ct No. 61, 1982. 3

Trustee Companies {Amendment).

SCHEDULE 1.

(Sec. 4.)

A mendments to the P rincipal A c t .

(1) (a) Section 31 (5) (a) —

Omit “Limited or”, insert instead “Limited,”.

(b) Section 31 (5) (a )—

After “Limited” where secondly occurring, insert “or the Sand­ hurst and Northern District Trustees Executors and Agency Company Limited”.

(2) (a) Second Schedule—

Omit paragraphs (a), (c) and (d) under the short heading “PERMANENT TRUSTEE COMPANY LIMITED”, insert instead:—

(a) No member shall be the beneficial holder of more than 5 per cent of the issued capital.

(b) No more than $1 per share shall be called up, except in the event of and for the purpose of the winding-up of the company, and every member shall in such event be liable to contribute the unpaid balance of every share held by him.

(c) The capital of the company shall be and remain divided into shares each of—

$ 6,000,000

(i) an amount that is equivalent to — ----- -—— + $1

X

where x equals the number of shares for the time

being issued; or

(ii) an amount of $2,

whichever is the greater amount.

(d) The number of shares in the company shall not be at any time reduced to less than 1,500,000.

4  A ct No. 61, 1982.

Trustee Companies {Amendment).

SCHEDULE l~continued.

A m endm ents to the P rincipal A ct—continued.

(b) Second Schedule—

Omit paragraphs (a), (b) and (c) under the short heading “THE UNION-FIDELITY TRUSTEE COMPANY OF AUS­ TRALIA LIMITED”, insert instead:—

(a) No member shall hold in his own right shares of a nominal amount which is in total more than a one hundred and twenty-eighth part of the nominal amount of the issued capital of the company.

(b) The reserve liability of the company (being that portion of the company’s share capital which is not capable of being called up except in the event of and for the purposes of the company being wound up) shall be not less than $256,000.

(c) Subject to the provisions of section 24, but notwithstand­ ing any other provisions of this Act, the company may alter its share capital in any manner permitted by the Companies Act, 1961. other than by reducing its share capital.

(3) Third Schedule, First Part—

At the end of the Part, insert:—

Sandhurst and Northern District Trusteesl January. 31st December.

Executors and Agency Company Limited.] July. 30th June.

SCHEDULE 2.

(Sec. 4.)

A mendments to the P rincipal A ct by way of Statute L aw R evision.

(1)

Section 3 ( 1 ) , definition of “Minor”—

Omit “eighteen”, insert instead “18”.

Act No. 61, 1982. 5

Trustee Companies {Amendment).

SCHEDULE 2—continued.

A mendments to the P rincipal A ct by way of Statute L aw

R evision—continued.

(2) Section 10 (1), (2 )—

Omit “fifty thousand dollars” wherever occurring, insert instead

“$50,000”.

(3) Section 11 (3) —

Omit “two”, insert instead “2”.

(4) Section 13—

Omit “two”, insert instead “2’

(5) Section 16 (12) —

Omit “six”, insert instead “6”.

(6) (a) Section 18 (1) (a), (b) (ii) —

Omit “ten dollars” wherever occurring, insert instead “$10”.

(b) Section 18 (1) (a), (b) —

Omit “two hundred dollars” wherever occurring, insert instead

“ $ 200” .

(c) Section 18 (1) (b) (i) —

Omit “eight dollars”, insert instead “$8”.

(d) Section 18 (1) (c) ( i)—

Omit “four dollars twenty-five cents”, insert instead “$4.25”.

(e) Section 18 (1) (c) —

Omit “one hundred dollars” wherever occurring, insert instead

“$ 100” .

6  Act No. 61, 1982.

Trustee Companies (Ameiulment).

SCHEDULE 2—continued.

A mendmlnts to the Principal Act by way of Statute Law

R evision— continued .

(f) Section 18 (1) (c) (ii) — Omit “(tve dollars twenty-five cents'’, insert instead “$5.25’‘

(7) Section 19b (2) (a )—

Omit “one per cent”, insert instead “1 per cent”.

(8) Section 19d (5) —

Omit “subsection (2) of section 1”, insert instead “section 1 (2 )’

(9) (a) Section 26 ( I ) ,( 1 0 ) —

Omit “five” wherever occurring, insert instead “5”.

(b) Section 26 (8), (10) —

Omit “six” wherever occurring, insert instead “6”.

(c) Section 26 (9) —

Omit “fen dollars”, insert instead “$10”.

nO ) (a) Section 29 (1) —

Omit “the said” wherever occurring, insert instead “that”.

(b) Section 29 (2) —

Omit “seven”, insert instead “7”.

(c) Section 29 (3 )—

Omit “ten dollars”, insert instead “$10”.

Act No. 61, 1982. 7

Trustee Companies (Amendment).

SCHEDULE 2~continued.

Am endments to the P rincipal A ct by way of S iatute L aw

R evision—continued.

(11) Section 31 (5) —

Omit “three”, insert instead “3”.

(12) Section 35—

Omit “two” wherever occurring, insert instead “2”.

(13) Second Schedule—

From the provision referred to in column 1 of the following table omit the matter shown opposite thereto in column 2 of the table, insert instead the matter shown opposite thereto in column 3 of the table:—

Table .

Column 1. Column 2. Column 3.

Provisions under the short heading “PERPETUAL TRUSTEE COMPANY LIMITED” :--

Paragraph (a).	two thousand	2,000
Paragraph (b).	ten dollars	SIO
Paragraph (c).	twenty dollars	$20
fifty thousand	50.000

Provisions under the slK)i t

heading “BURNS PHILP

TRUSTEE COMPANY

LIMITED” : —

Paragraph (a).	ten	10
on three hundred thousand	on 300,000
one dollar	$1
the aforesaid three hundred	those 300,000

thousand

Act No. 61, 1982.

T ru s tee C o m p a n ie s { A m e n d m e n t ) .

SCHEDULE 2 — con tin u ed .

A mendments to the P rincipal A ct by way of Statute Law

R evision— c o n tin u ed .

Tab le— con tin u ed .

Column 1. Column 2. Column 3.

Paragraph (c).	four thousand	4,000
Paragraph (d).	one dollar	$1
two hundred thousand	200,000
Paragraph (e).	one hundred and thirty	$130,000

thousand dollars

Provisions under the short

heading “WINCHCOMBE

CARSON TRUSTEE

COMPANY LIMITED” :—

Paragraph (a).	twenty	20
on one hundred and fifty	on 150,000

thousand

two dollars	$2
the aforesaid one hundred	those 150,000

and fifty thousand

Paragraph (c).	two thousand	2,000
Paragraph (d).	two dollars	$2
one hundred thousand	100,000
Paragraph (e).	one hundred and thirty	$130,000

thousand dollars

Provisions under the short

heading “PERPETUAL

TRUSTEES AUSTRALIA

LIMITED” :—

Paragraph (a).	cent.	cent
Paragraph (b).	one dollar	$1
Paragraph (c).	two dollars	$2
one million	1,000,000